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XAUUSD gives back gains after reaching eight-year high

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Gold prices are retreating just after the intraday action saw prices rising to an eight-year high of 1764.92.

The declines come just after the precious metal rose past the previous highs from mid-April this year.

The strong retracement back could see XAUUSD falling to the lower support level at 1717.65.

We could expect some consolidation along these levels in the near term.

However, if prices break past the 1717.65 support, expect a stronger retracement lower. The downside target is at 1671.95.

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